Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit of 840 million yuan, up 14.2% year-on-year, slightly exceeding market expectations [6][7] - The company's gross margin improved to 12.0%, an increase of 0.4 percentage points, attributed to ongoing cost reduction and efficiency enhancement measures [6][7] - The company plans to distribute a cash dividend of 0.24 yuan per share, totaling 254 million yuan, which accounts for 31.4% of the net profit attributable to shareholders [6][7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.63 billion yuan - 2024: 17.17 billion yuan - 2025E: 18.91 billion yuan - 2026E: 20.87 billion yuan - 2027E: 23.36 billion yuan - Net profit forecasts are: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.09 billion yuan - 2027E: 1.22 billion yuan - The company’s return on equity (ROE) is projected to improve from 7.5% in 2023 to 9.3% by 2027 [6][7][8] Operational Highlights - The company managed a total area of 365 million square meters by the end of 2024, a year-on-year increase of 6% [6] - Property management revenue reached 16.49 billion yuan, with a gross margin of 10.7%, reflecting a 1.9 percentage point increase [6] - The company’s commercial management area was 3.93 million square meters, with stable commercial operations [6] Investment Analysis - The company is focused on cost reduction and efficiency, leading to strong performance, and is expected to continue leading the property management industry [6][7] - The profit margin is anticipated to gradually recover, supporting high-quality growth in both scale and efficiency [6][7]

行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 (8621)23297818× dasw@swsresearch.com 2025 年 03 月 17 日 十四五收官订单落地 看好军工行情 持续性 看好 ——国防军工行业周报（2025 年第 11 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 2.57%，中证军工龙头指数上涨 2.83%，同期上证综指上 涨 1.39%，沪深 300 上涨 1.59%，创业板指上涨 0.97%，申万国防军工指数跑赢创业 板指、跑赢沪深 300、跑赢上证综指、跑输军工龙头指数。1、从细分板块来看，上周 国防军工板块 2.57%的涨幅在 31 个申万一级行业涨跌幅排名第 9 位。2、从我们构建的 军工 ...

Investment Rating - The industry investment rating is "Positive" for 2025, indicating an expectation of outperformance compared to the overall market [2][28]. Core Insights - Fixed asset investment shows marginal improvement with a cumulative year-on-year increase of 4.1% for January-February 2025, which is 0.9 percentage points higher than the full year of 2024 [4][5]. - Infrastructure investment has seen a strong start, with a year-on-year increase of 9.9% in January-February 2025, reflecting a 0.8 percentage point increase compared to the full year of 2024 [6][5]. - Real estate investment remains low, with a year-on-year decrease of 9.8% in January-February 2025, indicating a slow recovery in investment pace [12][20]. Summary by Sections Fixed Asset Investment - National fixed asset investment has shown a cumulative year-on-year increase of 4.1% for January-February 2025, with manufacturing investment increasing by 9.0% [4][5]. Infrastructure Investment - Infrastructure investment (including all categories) increased by 9.9% year-on-year, while investment excluding electricity rose by 5.6% [6][5]. - Specific sectors such as water, environment, and public facilities management saw an 8.5% increase, while the electricity, heat, gas, and water production and supply sector surged by 25.4% [6][5]. Real Estate Investment - Real estate investment decreased by 9.8% year-on-year, with construction starts down by 28.9% and completions down by 15.6% [12][20]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and excessive supply clearing [12][20]. Investment Recommendations - The report suggests focusing on cyclical high-elasticity sectors, recommending companies such as Honglu Steel Structure and Donghua Technology for investment [20][12]. - It highlights the potential for valuation recovery in undervalued companies, particularly state-owned enterprises like China Railway and China Railway Construction [20][12].

行 业 及 产 业 美容护理 2025 年 03 月 16 日 鼓励生育政策频出，母婴板块乘风而起 看好 ——大消费行业点评 本期投资提示： 证 券 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 吕昌 A0230516010001 lvchang@swsresearch.com 张静含 A0230522080004 zhangjh@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 1 行 业 研 究 / 行 业 点 评 研 究 报 告 相关研究 - ⚫ 我国促进人口高质量发展政策不断深化，2025 年 3 月《政府工作报告》再提激励政 策，"制定促进生育政策，发放育儿补贴，大力发展托幼一体服务 ...

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [4][5]. Core Insights - The cosmetics and medical beauty sector has outperformed the market, with the Shenwan Beauty Care Index rising by 8.2% from March 7 to March 14, 2025, compared to a 6.7% increase in the Shenwan A Index [4][5]. - Continued implementation of fertility incentive policies is expected to benefit the infant care segment, with specific policies introduced in Hohhot offering subsidies for childbirth [4][9]. - The report highlights key companies such as Runben Co., which is well-positioned to capitalize on seasonal sales for mosquito repellent and sunscreen products, and Up Beauty Co., which benefits from both high-end and mass-market brands [4][9]. Summary by Sections Industry Performance - The beauty and medical aesthetics sector has shown robust growth, with the Shenwan Cosmetics Index increasing by 4.9% and the Shenwan Personal Care Index rising by 7.8% during the same period [4][5]. - The top-performing stocks include Up Beauty Co. (29.4%), Mao Ge Ping (18.4%), and Ai Mei Ke (15.9%) [7]. Key Company Analysis - The report provides an in-depth analysis of Kid King (301078.SZ), emphasizing its strong position in the mother and baby retail sector and its integration of AI technology to enhance growth [10][11]. - Kid King's revenue increased from 83.55 billion yuan in 2020 to 87.53 billion yuan in 2023, with a projected net profit of 1.9 billion yuan in 2024 [10][14]. Market Trends - The report notes a decline in the retail sales of cosmetics in 2024, with a total of 435.7 billion yuan, reflecting a 1.1% decrease year-on-year [16]. - However, the outlook for 2025 is optimistic, with expectations for a recovery in growth driven by favorable policies [16]. Mergers and Acquisitions - Ai Mei Ke is set to acquire 85% of the shares in Korean REGEN Biotech for 190 million USD, which is expected to enhance its product offerings in medical materials and devices [21][25]. Consumer Behavior - The report highlights the growing trend of domestic brands in the skincare market, with a market size of 281.8 billion yuan in 2023, showing a 2% year-on-year growth [26]. - Domestic brands are increasingly capturing market share, with notable performances from brands like Pechoin and Proya [26].

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Buy" rating for the sector [2]. Core Insights - The textile and apparel sector has shown strong performance, with the SW textile and apparel index rising by 3.9% from March 10-14, outperforming the SW All A index by 2.5 percentage points [4][5]. - Recent data indicates a slight decline in retail sales for clothing and textiles, with a total retail sales of 162.9 billion yuan in December 2024, down 0.3% year-on-year, although the decline has narrowed compared to previous months [4][24]. - The report highlights a significant boost in baby and children's consumption due to increased childcare subsidies, which is expected to benefit brands in sportswear, children's clothing, and home textiles [4][8]. Summary by Sections Industry Performance - The textile and apparel sector outperformed the market, with notable gains in the apparel and home textiles index, which also rose by 3.9% [4][5]. - Key stocks that performed well include Meirya (+21.8%), Annil (+14.1%), and Haizhu (+12.1%) [5]. Recent Industry Data - In the first two months of 2025, China's textile and apparel exports totaled $42.9 billion, a year-on-year decline of 4.5%, with specific declines in apparel and accessories by 6.9% [4][29]. - Cotton prices have shown slight increases, with the national cotton price B index at 14,834 yuan per ton, up 0.4% [4][34]. Market Trends - The report identifies seven key trends for 2025, including new outdoor activities, new retail formats, and policies promoting childbirth, which are expected to drive growth in the sector [4][8]. - Major companies like Huayi Group and 361 Degrees reported significant revenue growth, with Huayi's revenue reaching 24 billion yuan, up 19% year-on-year [4][23]. Investment Recommendations - The report recommends focusing on companies in the sports and outdoor segment, such as Anta Sports and 361 Degrees, as well as home textile brands like Luolai and Semir [4][8]. - It also suggests monitoring textile manufacturers like Huayi Group and Shenzhou International for potential growth opportunities [4][8].

房地产 2025 年 03 月 16 日 行 业 研 究 / 行 业 点 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 行 业 及 产 业 住房消费也是消费，稳房价助力提消费 看好 ——《提振消费专项行动方案》点评 事件 ⚫ 2025 年 3 月 16 日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方 案》，指出：更好满足住房消费需求。持续用力推动房地产市场止跌回稳，加力实施城 中村和危旧房改造，充分释放刚性和改善性住房需求潜力。允许专项债券支持城市政府 收购存量商品房用作保障性住房。落实促进房地产市场平稳健康发展有关税收政策。适 时降低住房公积金贷款利率。扩大住房公积金使用范围，支持缴存人在提取公积金支付 购房首付款的同时申请住房公积金个人住房贷款，加大租房提取支持力度，推进灵活就 业人员缴存试点工作。 点评 请务必仔细阅读正文之后的各项信息披露与声明 1 评 证 券 研 ...

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, emphasizing the importance of smart technology, AI, and robotics as key themes for the year [4]. Core Insights - Despite short-term market adjustments, the report believes that the recovery in demand will support the automotive sector throughout the year. The sentiment around the Xiaomi robotics supply chain and the recent attention on XPeng's robotics are highlighted as significant developments [4]. - The report identifies potential investment opportunities in companies like BYD, XPeng, Geely, Xiaomi, and others, focusing on the valuation elasticity from 0 to 10 in automotive intelligence and robotics [4]. - The report also notes the gradual recovery in domestic demand and suggests monitoring the heavy truck market and two-wheeler subsidy policies for potential demand releases [4]. Industry Updates - In the 10th week of 2025, retail sales of passenger cars reached 357,900 units, a decrease of 12.75% month-on-month. Traditional energy vehicles sold 155,500 units, down 18.01%, while new energy vehicles sold 202,400 units, down 8.24%, with a penetration rate of 56.54% [4]. - The report indicates an increase in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices rising by 0.8% week-on-week and 0.3% month-on-month, while new energy vehicle raw material prices increased by 2.6% week-on-week and 4.8% month-on-month [4]. - The total transaction value in the automotive industry for the week was 639.8 billion yuan, reflecting a week-on-week increase of 2.21% [4]. Market Situation - The automotive industry index closed at 7340.44 points, with a weekly increase of 0.75%, slightly lower than the 1.59% increase in the CSI 300 index [4][30]. - A total of 172 stocks in the automotive sector rose, while 115 fell, with the largest gainers being Xinlong Health, Zhaofeng Shares, and Xiangyang Bearings, which increased by 61.0%, 44.2%, and 36.6%, respectively [4][37]. Investment Analysis - The report recommends focusing on domestic leading manufacturers such as BYD and XPeng, as well as companies involved in the integration of smart technology and central enterprise reforms [4]. - It highlights the importance of companies with strong performance growth and capabilities in robotics and overseas expansion, recommending parts suppliers like Fuyao Glass and New Spring Shares [4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced an investment in Changban Technology, acquiring a total of 35% equity through a phased capital increase and share acquisition, aiming to enhance its capabilities in precision screw technology for robotics [5][8] - The collaboration with Changban Technology is expected to create synergies in production technology and supply chain, enhancing the company's position in the humanoid robot and smart equipment sectors [8] - The company is transitioning from traditional engine crankshaft production to focus on new energy electric drive gears and robotics, which are anticipated to drive significant revenue growth [8] - The financial forecast indicates a strong growth trajectory, with expected net profits of 183 million, 280 million, and 394 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 76.6%, 53.1%, and 40.8% [6][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,352 million yuan in 2023 to 3,288 million yuan by 2026, with a compound annual growth rate of approximately 24.8% [6][10] - The gross profit margin is expected to improve slightly from 23.8% in 2023 to 25.4% in 2026, indicating operational efficiency [6] - The return on equity (ROE) is forecasted to increase from 4.5% in 2023 to 12.9% in 2026, suggesting enhanced profitability [6]

社会服务 2025 年 03 月 16 日 2 月国内外酒店经营及交易跟踪 看好 ——社会服务行业周报（3.10-3.14） 本期投资提示： 业 点 评 证 券 研 究 报 告 行 业 及 产 业 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 相关研究 《AI+服务业：全场景服务新生态——社 会服务行业周报（2.10-2.14）》 2025/02/15 《从 Deepseek 看阿里 AI 进展，全体系布 局再提速——商贸零售行业周报（2.3- 2.9）》 2025/02/09 ⚫ 受春节阳历日期提前影响，2 月酒店经营数据同比下滑，但春节后酒店业通过价格策略推 动复苏，需求逐步回稳。24 年春节假期为 2 月 10 日至 2 月 17 日，25 年为 1 月 29 日 至 2 月 4 日，春节时间的提前导致 25 年 2 月我国全部酒店 RevPAR 同比大幅下降。春节 后，受节日效应消退，需 ...